REAL PROPERTY ACT 1900 – SECT 134

Torrens Assurance Fund

134 Torrens Assurance Fund

(1) There is established in the Special Deposits Account an account called the Torrens Assurance Fund.

(2) The following amounts are to be paid into the Torrens Assurance Fund:

(a) any amounts that the Minister directs to be paid from fees paid to the Registrar-General for lodgment of any dealing, caveat or priority notice (or withdrawal of a caveat or priority notice),

(b) any amounts recovered by the Registrar-General under or in connection with this Part,

(c) any amounts advanced by the Treasurer for payment into the Fund,

(d) any amounts appropriated by Parliament for payment into the Fund,

(e) any amounts required by or under this or any other Act or law to be paid into the Fund.

(3) The following amounts are payable out of the Torrens Assurance Fund:

(a) any compensation payable under or in connection with this Part,

(b) any amounts required to repay any advance made by the Treasurer for payment into the Fund,

(c) any costs and expenses incurred by the Registrar-General in connection with any claim for compensation from the Fund, including the payment of compensation in settlement of any such claim,

(d) any costs and expenses incurred by the Registrar-General in, or as incidental to, the administration of the Fund,

(e) any other amounts required by or under this or any other Act or law to be paid out of the Fund.

(4) The fee payable to the Registrar-General for lodgment of any dealing, caveat or priority notice (or withdrawal of a caveat or priority notice) may be prescribed so as to include the amount to be paid into the Torrens Assurance Fund.

(5) Any shortfall in the Torrens Assurance Fund is to be met from the Consolidated Fund, which is appropriated accordingly.

(6) The Torrens Assurance Fund is to repay the Consolidated Fund.

REAL PROPERTY ACT 1900

REAL PROPERTY ACT 1900